FriendFinder makes $210 mil offer for Playboy &#160;

But signs point to Hugh Hefner's $185 mil offer winning out

NEW YORK -- The takeover showdown for Playboy Enterprises heated up Thursday, but investors don't seem to expect the company will end up in bed with anyone other than Hugh Hefner.

FriendFinder Networks, which owns the Penthouse brand, made good on its promise of an acquisition offer, saying it has proposed to buy Playboy for $210 million.

Playboy, which had said Monday that founder Hefner has made a $185 million buyout offer for the firm, promised to consider the proposal.

But in a sign that investors weren't convinced that the higher offer would win out, shares of the adult entertainment firm closed up only 0.2% at $5.52 after going as high as $6.10 before FriendFinder detailed its offer.

The closing price gave Playboy a market value of $186.3 million, according to Bloomberg.

FriendFinder argued Thursday that "its proposal is in the best interest of Playboy Enterprises and its stockholders, providing a basis for future growth of the Playboy brand and enhancing the Playboy legacy."

"We are very excited about the prospect for the combination of Playboy Enterprises and FriendFinder Networks," CEO Marc Bell said. He added that his firm would "look forward to Mr. Hefner and other key members of management being an integral part of the combined companies."